Cryptocurrency exchange OKX announced on Tuesday (16th) that its subsidiary, OKX Middle East Fintech FZE, based in Dubai, has obtained a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA), enabling the company to provide virtual asset trading services locally.
OKX stated that the license is currently non-operational until specific conditions and localization requirements are met. Once operational, the VASP license “will allow OKX Middle East to expand its approved range of regulated virtual asset activities and provide spot services and spot trading pairs to institutional and eligible retail customers”.
Rifad Mahasneh, General Manager of OKX Middle East and North Africa, stated in a statement that the region has immense potential to become a center for Web3 and cryptocurrencies, and they eagerly look forward to the opportunity to further enhance the flourishing ecosystem in the entire region.
Dubai has attracted many cryptocurrency companies to establish a presence in the region. In November 2023, Crypto.com and Hex Trust both obtained VASP licenses issued by VARA, and Laser Digital, a digital asset investment company under Japan’s financial services giant Nomura Holdings, also obtained an operational license in Dubai in August last year.
Source:
Why Did FamilyMart Enter the Cryptocurrency Sector? Trump’s Second Son Reveals the Truth Behind It.
He stated that the family originally had no plans to enter this field, but the banking sys…